Logo

Posts

Weekly forecast for oil, gold and EUR/USD

May 22, 2020

May 22, 2020

Weekly forecast for oil, gold and EUR/USDAlex Rodiоnov

USCrude – oil

Having analyzed the oil trend over the past few weeks, I should note that the market is gradually stabilizing. The middle-term trend is up. The price has broken out Target Zone 3 [26.67 – 25.92] in the trend. The next growth target is Target Zone 4 [34.17 - 33.42]. The trend key support is now in the zone of [23.97 — 23.07].

For next week, I suggest looking for purchases in the strong support zone. If the key support is tested, we shall look for a pattern.

If the local low is broken through, the lower Target Zone should be rearranged. If the price breaks out TZ4 and consolidates above, the next target will be in Target Zone 5 [41.67- 40.92].

![LiteForex: Weekly forecast for oil, gold and EUR/USD][1]

**[USCrude][2]Trading tips for the upcoming week: **

Buy according to the pattern in Target Zone [23.97 - 23.07]. TakeProfit: Target Zone 4 [34.17 - 33.42]. StopLoss: according to the pattern rules.

XAUUSD – gold

Last week, the gold price reached the main buy target Target Zone 5 [1757.2 - 1751.2]. This week, there was a try to break through the resistance, but buyers have failed and the price has been down from the strong level. The gold price is now being corrected down.

For next week, I suggest considering sell trades with a target at the trend key support [1673.6 - 1664.4]. One may enter short trades at the 50% Fibonacci retracement level (see the screenshot).

An alternative scenario suggests the uptrend should continue. It will be relevant if traders break out TZ5 and consolidate the price above at two US sessions. In this case, we shall look for buy entries on the retest of the broken-out level, the upside target will be Target Zone 6 [1817.2 — 1811.2].

![LiteForex: Weekly forecast for oil, gold and EUR/USD][3]

**[XAUUSD][4]  Trading tips for the upcoming week: **

Sell from level 1735.0. TakeProfit: Target Zone [1673.6 - 1664.4]. StopLoss: 1747.7.

EURUSD – euro/dollar

The EUR/USD is trading in the middle-term uptrend. In the first two weeks of May, traders were testing the key support zone [1.0835 – 1.0783], which wasn’t broken out. This week, there has been developing an upward momentum. Finally, the price approached the top border of a wide flat channel, level 1.1017, it is now rolling back.

It is still relevant to enter medium-term purchases. There is a double bottom pattern in the chart, which could be used to enter new buy trades on the correction. The targets are still at the high of May 1 and Target Zone 2 [1.1109 – 1.1091].

I think that it will be relevant to sell when the low of May 7 is broken through and the price breaks out Target Zone. If so, the EUR/USD is likely to be falling towards the lower Target Zone 2 [1.0653 — 1.0635].

![LiteForex: Weekly forecast for oil, gold and EUR/USD][5]

**[EURUSD][6]  Trading tips for the upcoming week: **

Buy according to the pattern in the zone of [1.0897 - 1.0878]. TakeProfit: 1.1017, Target Zone 2 [1.1109 - 1.1091]. StopLoss: according to the pattern rules.

IZ - Intermediary Zone: responsible for the price momentum reversing

TZ - Target Zone: a zone that is 75% likely to be reached after IZ breakout.

GZ - Gold Zone: zone in the medium-term momentum.

All zones are calculated based on the average daily price of the instrument and margin requirements of the futures.

P.S. Did you like my article? Share it in social networks: it will be the best “thank you” :)

Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

Useful links:

  • I recommend trying to trade with a reliable broker [here][7]. The system allows you to trade by yourself or copy successful traders from all across the globe.
  • Use my promo-code BLOG for getting deposit bonus 50% on LiteForex platform. Just enter this code in the appropriate field while [depositing][8] your trading account.
  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders

Price chart of XAUUSD in real time mode

![Weekly forecast for oil, gold and EUR/USD][9]

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

Rate this article:

{{value}}

( {{count}} {{title}} )

  1. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/USCrude_analysis_220520.png?w=30&s=34ed400b875ea75f81e07b3ace5b2c45
  2. my.liteforex.com/trading?type=oil
  3. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_220520.png?w=30&s=a875ff0379a5e0fc99793ee37d363eea
  4. my.liteforex.com/trading/chart?symbol=XAUUSD&returnUrl=true
  5. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/EURUSD_analysis_220520.png?w=30&s=6b04402055e1288e54a8a6514a0a81aa
  6. my.liteforex.com/trading/chart?symbol=EURUSD&returnUrl=true
  7. my.liteforex.com/?category=analysts-opinions&slug=weekly-forecast-for-oil-gold-and-eurusd-2020-05-22&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
  8. my.liteforex.com/deposit/?category=analysts-opinions&slug=weekly-forecast-for-oil-gold-and-eurusd-2020-05-22&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus
  9. cdn.liteforex.com/cache/uploads/blog_post/commodities/buy_sell.jpeg?q=75&w=1000&s=51f73085e8fff39d0e6e138cf6461cd7